Chilwa Minerals Closes US$3.5M Public Offering on Nasdaq

Chilwa Minerals Limited announced the successful closing of its underwritten public offering, raising US$3.5 million in gross proceeds. The offering was conducted at US$5.60 per American Depositary Share (ADS) and accompanying warrant, with each ADS representing 10 ordinary shares of the company. The company's ADSs began trading on the Nasdaq Capital Market under the ticker symbol CHWM.

Transaction Details

• Gross proceeds of US$3.5 million before deducting discounts and expenses.
• Offering of 625,000 ADSs and warrants to purchase 625,000 ADSs.
• Warrants feature an exercise price of US$5.60, are immediately exercisable, and expire on the fifth anniversary.
• Partial exercise of the underwriter's 45-day option for an additional 92,000 warrants.

Net proceeds from the offering will be used to further the company's mineral exploration activities, support working capital, and fund general corporate purposes. Maxim Group LLC acted as the sole book-running manager and underwriter for the offering.